Polymarket · Wired · Wired
Spotify Confirms Streaming Fraud After Kalshi Trader Cries Foul
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Top Kalshi trader Caleb Davies usually speaks to the press about how prediction markets help him rake in money.
Key facts
- The Minneapolis-based IT worker estimates he’s made $1.2 million overall across different prediction platforms, with $414,000 in winnings from Kalshi’s culture markets alone
- Todd’s song was such an underdog that it wasn’t even listed as an option on Polymarket: “Looking at the dataset of Sunday to Monday changes, it was a 11.24 sigma event, or a roughly 1 in 77 octillion
- Top Kalshi trader Caleb Davies usually speaks to the press about how prediction markets help him rake in money
- Spotify ultimately adjusted its charts to account for the discrepancy, culling over 500,000 artificial streams, which bumped Todd’s song from first to fourth
Summary
This summer, though, he’s become increasingly agitated about what he claims is an obvious, bot-fueled effort to manipulate Spotify-related markets. This week, the situation hit a boiling point when the song “Earrings” by Malcolm Todd surged to number one on a Spotify chart. It turns out that he was on to something. Spotify ultimately adjusted its charts to account for the discrepancy, culling over 500,000 artificial streams, which bumped Todd’s song from first to fourth.